Finway has launched 'Credit Inclusion Secured Loan' to offer a second chance to defaulters to improve their CIBIL scores.
Finway has launched ‘Credit Inclusion Secured Loan’ to offer a second chance to defaulters to improve their CIBIL scores. Under ‘Credit Inclusion Secured Loan’, Finway will provide an opportunity of credit inclusion and lend secured loans to the borrowers on the basis of a clear marketable property, the company said in a statement.
“The new loan will help them improve their poor credit scores through paying EMIs on time and thus get an opportunity to change their past records and make it better. It will also help them apply and get further funds from other financial institutions as well in the future,” it said.
Currently, no financial institution lends money to faulty borrowers if they had failed to repay their EMIs in the past, even if it was 10 years ago, it said. Once failed to repay the loan amount, the defaulter is excluded from the credit system and there is no way she/he can improve his/her CIBIL score for the lifetime, it said.